4 ms·

If you work at say Target 40 hours a week, squeak in the occasional overtime and work on every holiday you take home about 12-15k a year after taxes that's abou

If you work at say Target 40 hours a week, squeak in the occasional overtime and work on every holiday you take home about 12-15k a year after taxes that's about half of what MMM gets from rent. MMM hasn't come within ten grand of frugality in his life. It doesn't strictly invalidate his message but it's a grain of salt that should not be forgotten.

branchless 11y ago
Yes you get it. And guess what? When they put the minimum wage up the rentiers will all put the rent up. All productivity gains are captured by the landlord in a system of land enclosure. Land value tax now. Do away with income tax and let people keep the value they add.
beambot 11y ago
I get that he earns a lot from rent. But I still don't understand the animosity. Would you be equally up in arms if he just invested in municipal bonds -- the bonds that pay for your parks, roads, fire stations, police upgrades, and schools? There are reasonable tax-free bond funds (eg. PMF) that pay >6% annually. I've read most of his posts. He harps on things like biking instead of buying a new car. Or "why spend $150/mo on a cellphone bill when you can use Google Fi for half that?" Using that latter example, that's a difference of $900/yr -- or 8% of your Target family's net annual income; enough to make a downpayment after just a few years. To be honest: It seems like y'all are taking away the wrong message. The problems you see are legit, but directing your animosity at a guy providing free, online insights and advise seems misguided. YMMV.
- Avshalom 11y ago
  The animosity isn't specifically at MMM. People who think "have you tried spending less" is insight, thats what who we hate. Believe me poor people are way ahead of you on the spending less money idea.
  - hugh4 11y ago
    That advice isn't aimed at people who are genuinely poor, it's aimed at middle class whiners who earn middle-class money and still complain that they "can't get ahead" and "will never be able to retire". MMM has never claimed to be frugal -- indeed, he likes to talk about the "extravagance" of his $25K pa spend for a family of four.
    - Avshalom 11y ago
      >MMM has never claimed to be frugal -- indeed, he likes to talk about the "extravagance" of his $25K pa spend for a family of four. And imagine how well that sarcasm goes with those of us who have never seen 25,000.
      - hugh4 11y ago
        And if you're in that situation then MMM isn't for you. People in that situation need a blog on how to earn more money, not one on how to spend less.
  - markyc 11y ago
    poor people are way ahead of you on the spending less money idea not always true.. I know quite a few who still smoke, own a car even if they don't really need it, buy the extra expensive, small can of coke, and generally follow convenience over financial planning. these things do add up. will they help them buy 3 houses and live on the passive income? don't think so, but it definitely would help them pay for their home faster

branchless 11y ago

Yes you get it. And guess what? When they put the minimum wage up the rentiers will all put the rent up. All productivity gains are captured by the landlord in a system of land enclosure. Land value tax now. Do away with income tax and let people keep the value they add.

beambot 11y ago

I get that he earns a lot from rent. But I still don't understand the animosity. Would you be equally up in arms if he just invested in municipal bonds -- the bonds that pay for your parks, roads, fire stations, police upgrades, and schools? There are reasonable tax-free bond funds (eg. PMF) that pay >6% annually. I've read most of his posts. He harps on things like biking instead of buying a new car. Or "why spend $150/mo on a cellphone bill when you can use Google Fi for half that?" Using that latter example, that's a difference of $900/yr -- or 8% of your Target family's net annual income; enough to make a downpayment after just a few years. To be honest: It seems like y'all are taking away the wrong message. The problems you see are legit, but directing your animosity at a guy providing free, online insights and advise seems misguided. YMMV.

Avshalom 11y ago
The animosity isn't specifically at MMM. People who think "have you tried spending less" is insight, thats what who we hate. Believe me poor people are way ahead of you on the spending less money idea.
- hugh4 11y ago
  That advice isn't aimed at people who are genuinely poor, it's aimed at middle class whiners who earn middle-class money and still complain that they "can't get ahead" and "will never be able to retire". MMM has never claimed to be frugal -- indeed, he likes to talk about the "extravagance" of his $25K pa spend for a family of four.
  - Avshalom 11y ago
    >MMM has never claimed to be frugal -- indeed, he likes to talk about the "extravagance" of his $25K pa spend for a family of four. And imagine how well that sarcasm goes with those of us who have never seen 25,000.
    - hugh4 11y ago
      And if you're in that situation then MMM isn't for you. People in that situation need a blog on how to earn more money, not one on how to spend less.
- markyc 11y ago
  poor people are way ahead of you on the spending less money idea not always true.. I know quite a few who still smoke, own a car even if they don't really need it, buy the extra expensive, small can of coke, and generally follow convenience over financial planning. these things do add up. will they help them buy 3 houses and live on the passive income? don't think so, but it definitely would help them pay for their home faster